Stocks Fall Sharply

June 11, 2008 1:15:57 PM PDT
Stocks fell sharply as crude oil futures rebounded from two days of declines. Late in the session, the Federal Reserve said the economy has remained weak as consumers and businesses have struggled with the impact of rising food and energy costs.

The Dow gave up nearly 206 points to 12,083.

The S&P 500 dropped nearly 23 points to 1,335. And the Nasdaq composite dropped about 55 points to 2,394.

Declining issues held a 4-to-1 lead over advancing issues.

Volume on the NYSE came to 4.6 billion shares, while Nasdaq volume was 2 billion shares.

Crude futures rose $5.07 to settle at $136.38 a barrel on the New York Mercantile Exchange.